UBS plans to shed 900 jobs in information technology, alongside a further 2,000-4,000 layoffs in its investment bank and other central functions, the paper said.

Speculation has been rife in Swiss media in recent weeks that the country's two biggest banks will unveil further job cuts alongside quarterly results (Credit Suisse posts on October 25th, UBS the 30th).

UBS employed 63,250 staff as at the end of the second-quarter, Credit Suisse 48,200.

The bank’s repurchase of some debt instruments during the quarter changed the composition of liabilities that have to be revalued every three months and also impacted the prices of bonds, Zurich-based Credit Suisse said on its website.